National Steel (NYSE:SID) Shares Up 6.5% – Here’s What Happened

Shares of National Steel Company (NYSE:SID) traded up 6.5% during mid-day trading on Wednesday . The stock traded as high as $1.06 and last traded at $1.0650. Approximately 593,632 shares were traded during trading, a decline of 87% from the average daily volume of 4,646,031 shares. The stock had previously closed at $1.00.

Analysts Set New Price Targets

Several brokerages recently weighed in on SID. Zacks Research raised shares of National Steel from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 7th. Weiss Ratings restated a “sell (d-)” rating on shares of National Steel in a report on Wednesday, June 17th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Sell” and a consensus target price of $1.40.

National Steel Stock Performance

The stock has a 50 day moving average of $1.12 and a 200 day moving average of $1.39. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -4.40 and a beta of 1.58. The company has a quick ratio of 0.73, a current ratio of 1.11 and a debt-to-equity ratio of 2.60.

National Steel (NYSE:SID) last released its earnings results on Thursday, May 14th. The basic materials company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.13). National Steel had a negative net margin of 3.92% and a negative return on equity of 10.69%. The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.08 billion. As a group, analysts predict that National Steel Company will post 0.11 EPS for the current year.

Institutional Investors Weigh In On National Steel

An institutional investor recently raised its stake in National Steel stock. HRT Financial LP increased its position in shares of National Steel Company (NYSE:SID) by 175.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 564,262 shares of the basic materials company’s stock after buying an additional 359,335 shares during the period. HRT Financial LP’s holdings in National Steel were worth $902,000 at the end of the most recent reporting period.

National Steel Company Profile

Companhia Siderúrgica Nacional operates as an integrated steel producer in Brazil and Latin America. It operates through five segments: Steel Industry, Mining, Logistics, Energy, and Cement. The company offers flat steel products, such as hot and cold rolled, galvanized, galvalume, pre-painted, and metal sheets products; coil, sheets, and derivatives; tiles and derivatives, pipes, and profiles; long steel products; steel packaging solutions for the food industry; chemical packaging solution; and carbochemical products.